PLEASE MAKE SURE THAT YOUR ANSWERS IS ACCURATE AND CLEAR

Fest - Transaction Analysis (30 pts) a. TRANSACTIONS: Received P300,000 cash from a clients for services rendered. b. Paid P500,000 of salaries and employees. C. Collected P120,000 from clients on account. d. The owner, Vince Cruz, withdrew P50,000 for personal use. e. Purchased P150,000 of supplies on account. f. Billed clients P200,000 for services rendered. Paid P100,000 to suppliers on account. Direction: USE THE PROVIDED TABLE FOR YOUR ANSWERS For each of the transactions for Vince Cruz Company, a sole proprietorship, fill in the spaces to answer the following questions: 1. What are the two accounts affected by the transactions? 2. What type of account is affected - asset, liability, owner's capital, owner's withdrawal, income or expense account? 3. Should the account be increased or decreased? 4. Should the account be debited or credited